In a statement on Tuesday, Uttar Pradesh Real Estate Regulatory Authority (UP RERA) also advised homebuyers and investors to make property decisions only after proper verification and assessment of their financial capacity.
In a statement on Tuesday, Uttar Pradesh Real Estate Regulatory Authority (UP RERA) also advised homebuyers and investors to make property decisions only after proper verification and assessment of their financial capacity.
By PTI
Uttar Pradesh's real estate regulator has said more than 1.15 lakh housing and commercial units are currently available for sale across the state and cautioned prospective buyers against any claim by developers and brokers regarding a supply crunch or possible price rise.
In a statement on Tuesday, Uttar Pradesh Real Estate Regulatory Authority (UP RERA) also advised homebuyers and investors to make property decisions only after proper verification and assessment of their financial capacity.
UP-RERA said there are currently more than 1,15,000 residential and commercial units available in the state's real estate market.
The available inventories for sale include flats, villas, plots, shops, offices, and other commercial spaces, the regulator said, adding that this indicated that buyers have sufficient options according to their requirements and budgets.
"These figures show that adequate availability of residential and commercial properties exists across major regions of the state," UP RERA said.
The regulator cautioned buyers against claims by some promoters or agents that property prices would rise sharply soon or that available units would be sold out quickly.
"Such claims are often used to create pressure on buyers to make immediate bookings," it said, adding that "the current market data does not indicate any shortage of inventory".
Giving the break-up of the total properties available for sale, UP RERA said the western zone accounts for the largest share of the available stock, with over 60,000 units, constituting nearly 55 per cent of the total inventory. The region continues to remain a major centre of real estate activity with projects across various categories offering units for sale.
The authority said the central zone has over 40,000 units available, accounting for around 35 per cent of the total stock, while more than 15,000 units are available in the eastern zone.
It advised prospective buyers to verify important details such as project registration, promoter record, approved maps, project status and possession timelines before investing.
"All necessary information is available on the RERA portal, which buyers can study before taking a safer decision," the authority said.
It added that investment in real estate is a long-term financial decision and buyers should avoid being influenced by misleading advertisements, artificial scarcity or pressure tactics.
The regulator urged homebuyers and investors to rely on facts and available data while selecting properties and take decisions after due caution.